One of things I have learned as a lawyer is that there is a great deal of legal misinformation out there. The Internet has done nothing but help to amplify these legal myths. As a bankruptcy lawyer, I frequently meet people whose notions of bankruptcy are completely contrary to the facts. One of those notions…Read more
Can My Creditors Sue Me If I Pay Just $10 A Month?
Several times a week, I’ll get calls from people who have gotten a summons for a lawsuit from a creditor. Often, they’re surprised. They’ve been making payments and didn’t expect the creditor to sue them. When I ask them if they’ve been making the full monthly payment, more often than not they haven’t been. Keeping…Read more
Should I Pay My Credit Cards Before I File Bankruptcy?
Paying Credit Card Bills Before You File Bankruptcy Not all of the people who come in for a consultation are behind on their credit card bills. Many are current on all of their bills but have seen the writing on the wall and know that it’s just a matter of time before they’ll have to…Read more
Can I Be Denied A Student Loan Because I Filed Bankruptcy?
Student Loans And Bankruptcy Many of my clients are people who are working on their college degree or are parents of college students. They are concerned about how bankruptcy will affect their ability to get any student loans after they file bankruptcy. As you may know from your research, student loans are generally not dischargeable…Read more
What Is A Notice of Possible Dividends In Chapter 7 Bankruptcy In Colorado?
What Does It Mean When The Bankruptcy Trustee Issues A Notice Of Possible Dividends In My Bankruptcy Case? In broad terms, there are two kinds of Chapter 7 bankruptcy cases: “no asset” and “asset”. A no asset case is when a debtor owns no property that is not covered by Colorado bankruptcy exemptions. In other…Read more
Will I Lose My Security Clearance If I File For Bankruptcy?
What Happens To Your Security Clearance If I File Bankruptcy? From time to time service members and defense contractors come into my office for a consultation. Besides wanting to know how bankruptcy will affect their financial lives, many of them also want to know if filing bankruptcy will cause them to lose their security clearance.…Read more
Can I Ask The Court To Dismiss My Chapter 7 Bankruptcy?
I talked to a woman the other day who filed her own Chapter 7 bankruptcy petition. She was calling me in distress. She had just left her meeting of creditors. The trustee was planning on taking the nest egg she had saved for her retirement. While qualified retirement accounts like a 401(k) or an IRA…Read more
Why Filing Bankruptcy After You Retire Might Not Be A Good Idea
From time to time I get a call from someone whose parent has run up their credit cards even though they’re living on a limited income, such as Social Security benefits, a pension, or other retirement funds. The caller is concerned for her parent, worried that the creditor is going to take legal action. Of…Read more
How To Pass The Chapter 7 Bankruptcy Means Test In Colorado
While bankruptcy is the fastest way to legally eliminate typical consumer debts like credit cards and medical bills, not everyone can file Chapter 7 bankruptcy. In order to file a Chapter 7 petition, your income must be below the median income for your household size. The median income is determined at least annually by the…Read more
What You Should Know About Your Unemployment Benefits When You File Bankruptcy
If you’re receiving unemployment benefits and considering bankruptcy, there are few things you should know. The first is that you don’t have to be employed to file bankruptcy. In fact, one of the primary reasons people file is because they’ve lost their job. Second, when we calculate your income to see if you qualify for…Read more
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